Following clarification sought by the exchanges on report of sale of its wind power business for Rs 55 crore, Bharati Shipyard said that the company is under CDR (corporate debt restructuring) mechanism from 2012.

According to the CDR norms, State Bank of India, the lead bank, at the instruction of CDR banks, had decided to sell the non-core asset of Bharati Shipyard, which has been charged to lenders and in their possession to reduce the company’s liability.

To comply with the CDR requirements, State Bank of India and other lenders have formed an asset sale committee and bids were invited and the successful bidder, Ghatge Patil Industries, had purchased the windmill, Bharati Shipyard said.